Woodside Petroleum Ltd. reported a first-half net profit of $541 million, or 59.6 cents per share, up from the $511 million, or 59 cents per share, posted during the corresponding period in 2017.
In an Aug. 15 release, the Perth-based oil and gas company reported first-half operating revenues of $2.39 billion compared to $1.88 billion in the same half a year ago. The company attributed the rise in sales revenue to increased volumes and higher realized prices. Average realized prices for the half rose by 18% to $51 per barrel of oil equivalent.
Investment expenditures saw a boost during the half and were pegged at $1.27 billion, increasing from $741 million in the corresponding period a year ago. Capital investment expenditure made up the bulk and amounted to $1.07 billion, up from the $651 million noted during the same period last year. Exploration expenditures also noted a bump with $199 million reported for the first half compared to the $90 million noted for the first half of 2017.
Total production for the half amounted to 44.3 MMboe, up 5% from the 42.2 MMboe noted during the first half of 2017.
The company also increased its production guidance for the year from 85 MMboe to 90 MMboe to a new range spanning 87 MMboe to 91 MMboe.